Latino Unemployment Rate Rises Despite Job Creation


Unemployment rates continue to hit Latinos harder than many of their peers despite the thousands of jobs added to the economy in May. The U.S. Department of Labor reported that the unemployment rate has increased for Latinos last month, which was up to 9.1 percent from 9.0 since April, according to Fox News Latino.
The unemployment rate for the U.S. overall rose from 7.5 percent in April to 7.6 in May.
Things are looking up from last year, however. In May 2012, unemployment for Latinos was at 11 percent.
Despite the fact that approximately 175,000 jobs were been added in May, the public should expect a shaky adjustment period as the United States continues to find steady ground with the recent budget cuts and increase on taxes, the report said.
Charles Payne, an analyst for Fox Business Network, said of the job creation, “It is better than expected, but in the grand scheme of things, none of us really like the number, it’s extraordinarily mediocre than what we’ve gotten in the past.”
Payne called adding anything below 200,000 jobs “disheartening”, even though job creation in general boosts public morale regarding the economy.
The increase in jobs has boosted the rates over the past several months, indicating that more people have launched successful job searches. The report said about three-quarters of job-seekers found employment opportunities.
However, about 2.3 million Latinos are still without jobs, despite a growing Latino Labor Force participation percentage rate for May, which points toward an increasing workforce.
(Photo by slightlyeverything via Flickr)